Jewellery sales in the US increased 19.8% during January 2022 compared to a year ago, according to payments tracking firm Mastercard SpendingPulse. Jewellery sales were 31.1% higher than January 2019.
Despite the shadow of Omicron and elevated inflation, consumer spending was buoyed by pent-up savings, wage growth and the continued re-opening of the “experience economy.” Beneficiaries included Department Stores, Apparel and Luxury, which all saw double-digit growth.
Overall US retail sales in January (excluding auto) increased 7.2% year-over-year (YOY), with online sales growing 10.4% compared to January 2021, it noted.
E-commerce sales growth showed no signs of stopping, with double-digit increases in January even compared to the strong base in 2021, Mastercard said. Compared to pre-pandemic levels, e-commerce sales were up 110.1%, underscoring the sustained and significant nature of the shift to digital.
“Coming on the heels of the holidays, January typically marks a month of returns and exchanges. However, the strong growth across sectors reflects the optimism and eagerness for the year ahead,” said Steve Sadove, Senior Advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “With nearly all sectors up, we see consumers returning to their shopping habits with a continued emphasis on digital.”